ipod touch will never have ubuntu but it has windows 95 and 3.11

just search youtube for windows 95 on ipod touch or iphone and their is a couple of videos showing how to get it. most of them show the method of SSHing into to it, but there is one video that list a source and you can get it from cydia.

Warning: windows 95 works pretty good with iphone 3G S but on ipod touch it has been known for a 5 to 30 minute loading time of which you should not press the home button or sleep button while loading or your ipod might freeze.

Perhaps, but I think you are thinking about it from too broad of a perspective. Rather than considering an entire distribution be installed in one lump, you should break it down into its components. The flow of events will most likely be this:

Linux kernel ported(already completed)
The kernel already runs on the iPhone and iPod Touch. As of now, there isn't enough functionality as not all hardware in the devices is supported, so in turn no useful packages and software has been ported.

Hardware drivers developed and stabilized(partial and in progress)
Again, there aren't drivers for all of the hardware components (such as writing to the flash memory, although reading from it is supported, I believe) so a complete user experience is impossible.

Unique customized distribution released(incomplete)
Once the drivers are completed, the developers will most likely take some existing code out there for a desktop interface, build most of the common Linux utilities and packages for the iPhone/iTouch, and release the first working custom mobile operating system. This will be the iPhoneLinuxOS, and they will probably continue maintaining this code exclusively, while fixing bugs and adding features (to the drivers as well as the OS code.) The install procedure will most likely be streamlined and automatic, and will improve over time.
Throughout the next events the community will be actively porting and developing new applications and utilities for the iPhone/iPod Touch environment. If popular enough, these applications will be integrated with the various OSes that are ported to the iPhone and iPod Touch.

Existing distributions ported by integrating hardware drivers (incomplete)
Once the drivers are completed, other developers will start porting other mobile OSes such as Android or Ubuntu MID by using the drivers and some of the OS code that the iPhoneLinux team has created. Installing these OSes will be a bit more manual than the "official" iPhoneLinuxOS.

Existing distributions officially support iPhone/iPod Touch by bundling drivers in releases(incomplete)
If there is enough community support for custom OSes on the iPhone/iPod Touch, then developers for other mobile OSes such as Android or Ubuntu MID will most likely pull the iPhoneLinux driver and application code into their development libraries and start officially supporting these devices. This will lead to even more streamlined install procedures.

This is all my opinion, but to me it represents a logical flow of events. This list assumes that development on the core drivers and functionality of the OS (that the iPhoneLinux team is doing right now) remains active.